A parsimonious model is used to explore the risk-bearing decision under a payoff structure that emphasizes relative … willing to risk a portion of their endowment, and this induces advantaged players to also gamble, defensively. Although there …

) return premium commensurate with the competitive risk incurred. We examine whether such a Hou-Robinson premium exists in the … supports the dual nature of competition in the US grocery sector. Furthermore, when we compare the risk-adjusted average … seem to share the same level of competitive risk. However, the portfolio of smaller manufacturing firms does not exhibit …